UPDATE: Stifel Nicolaus Initiates Hold on Ashford Hospitality Trust

Stifel Nicolaus says, "Ashford has one of the most unique capital structures in the REIT sector. The equity portion only accounts for 19.0% of enterprise value (compared to the lodging REIT average of 51.0%). Net-debt accounts for 72.0% (compared to the lodging REIT average of 41.0%) and preferreds account for 9.0%. Therefore, a small swing of 5.0% in asset price can have a 25.0% impact on the value of the common equity."